The over 30% slump in China’s PDD (PDD) this week is uncharacteristic. PDD’s CFO warned that the company will face slowing growth. JD and Alibaba’s (BABA) weak results are similar to that of PDD. It points to weak Chinese consumer spending.

China’s central bank wants to have a policy framework that emphasizes the cost of credit instead of the credit size. As the country’s debt balloons, the bank needs to communicate its interest rate adjustments. The more rates fall, the better the chances of China’s economy stabilizing.

In the U.S., the strong economy presents a challenge for the Federal Reserve. Gross domestic products increased by 3.0% last quarter. This is a revision from the 2.8% rate that the Commerce Department posted last month. U.S. Treasury yields jumped by around 50 bps. It lowers the chance of the Fed cutting rates by 25 bps in September.

After falling for five weeks, the U.S. dollar will close at a one-week high today.

In the tech sector, Nvidia (NVDA) fell after posting strong growth. Revenue increased by 122% Y/Y to $30 billion. Data center revenue increased by 154% Y/Y to $26.3 billion. The market’s expectation for more suggests that participants think they may find a better investment.

This is unlikely.

Nvidia is confident in its future that it will buy back $50 billion in shares.